Future

2024

Bitcoin

Planet

<div class="intro-text"> 
 Following the recent<a style="color: #0000ff;" href="https://defi-planet.com/2024/01/u-s-sec-greenlights-spot-bitcoin-etps-after-11-years-and-20-rejections/"> approval of multiple Exchange Traded Funds (ETFs) focused on Bitcoin by the US Securities Exchange Commission (SEC)</a>, speculation has intensified regarding the cryptocurrency’s future trajectory. While some analysts anticipate a price dump for the world’s largest crypto, Fidelity Investments executive Jurrien Timmer holds a different view. 
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Timmer, who is the Director of Global Macro for Fidelity Investments, suggests that Bitcoin’s current price reflects a short-term adjustment with indications of a long-term market reversal.&nbsp;&nbsp; 
In the aftermath of the SEC’s approval, Bitcoin has experienced a decline, currently down by 7%. Timmer attributes this price movement to the impact of Bitcoin’s expanding network and the prevailing interest rates in the broader economy. Despite the present dip, he maintains a positive outlook on Bitcoin’s future prospects. 
Contrary to predictions of a potential dump to the $32,000-$38,000 zone by various analysts, Timmer envisions a robust consolidation of previous gains. He speculates that such a trend could signify Bitcoin’s eventual mainstream adoption as a commodity currency, albeit acknowledging that this transition may require some time to materialize.&nbsp; 
While explaining his perspective in <a style="color: #0000ff;" href="https://twitter.com/TimmerFidelity/status/1747370333282111826">a series of posts on X</a>, Timmer notes that despite the delayed surge, several asset managers maintain a significant net long (buy) position in the Bitcoin futures market. 
<blockquote class="twitter-tweet"> 
 It seems that way, although it could take some time to get there. For now, Bitcoin has made it to the middle of what I consider to be its fair value band, driven by the growth rate of its network and the level of real rates. /2 <a href="https://t.co/eHJiPtmaF8">pic.twitter.com/eHJiPtmaF8</a> 
 — Jurrien Timmer (@TimmerFidelity) <a href="https://twitter.com/TimmerFidelity/status/1747370334733349172?ref_src=twsrc%5Etfw">January 16, 2024</a>
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Notably, in a significant development, Bitcoin’s 50-moving average (50-MA) crossed its&nbsp; 200-week Simple Moving Average (SMA) for the first time. This event, commonly referred to as the “golden cross,” is considered a positive indicator of a pair’s price movement and has now manifested on Bitcoin’s weekly chart, according to market pundits and analysts. This occurrence adds a noteworthy dimension to the ongoing narrative surrounding Bitcoin’s trajectory in the financial markets. 
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The post <a rel="nofollow" href="https://defi-planet.com/2024/01/fidelitys-jurrien-timmer-optimistic-on-bitcoins-future-amidst-recent-sec-approved-etfs/">Fidelity’s Jurrien Timmer Optimistic on Bitcoin’s Future Amidst Recent SEC-Approved ETFs</a> appeared first on <a rel="nofollow" href="https://defi-planet.com">DeFi Planet</a>.

Fidelity’s Jurrien Timmer Optimistic on Bitcoin’s Future Amidst Recent SEC-Approved ETFs

DeFi Planet

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